Getting a credit card in Bangladesh has become easier with the rise of digital banking and financial services. Whether you need a credit card for online transactions, travel, or emergencies, understanding the process and requirements can help you secure the right card. This guide provides a step-by-step approach on how to get a credit card in Bangladesh.

Step 1: Choose the Right Credit Card

Banks in Bangladesh offer different types of credit cards based on spending habits and needs.

Consider the following factors when selecting a card:

Basic Credit Cards: These cards are ideal for individuals who are applying for a credit card for the first time. They typically offer lower credit limits, making them a safer choice for new users who may not yet be accustomed to managing credit. Basic credit cards usually come with fewer benefits compared to premium cards but are a good starting point for building credit history. They are often more accessible in terms of approval, making them a good option for individuals who may not have an extensive credit history.

Gold and Platinum Credit Cards: These cards are designed for individuals with established credit histories and a higher income level. Gold and platinum cards generally come with significantly higher credit limits than basic cards, offering more flexibility for larger purchases. You may compare different banks’ credit card options here. In addition to higher limits, these cards come with exclusive perks such as travel rewards, airport lounge access, concierge services, and premium customer support. They may also offer better rewards programs, including higher cashback rates or point accumulation on purchases. These cards are suited for those who need more purchasing power and are willing to pay a higher annual fee for additional benefits.

Business Credit Cards: These cards are tailored for business owners and corporate professionals. Business credit cards help in tracking and managing company expenses separately from personal finances. They often come with benefits such as expense reporting tools, customized spending limits, and rewards for business-related purchases like office supplies or travel. Additionally, they may provide access to business-related perks such as expense management software, travel insurance, and higher credit limits suited for business operations. Business cards are particularly useful for entrepreneurs and companies looking to streamline their financial management and gain rewards from business-related spending.

Islamic Credit Cards: These cards comply with Islamic law (Shariah), which prohibits earning or paying interest. Islamic credit cards operate on a profit-sharing or fee-based model rather than traditional interest rates. For example, instead of paying interest on an outstanding balance, the cardholder may pay a flat service fee or a profit rate that aligns with Islamic principles. Islamic credit cards often provide features similar to conventional cards, including rewards programs and spending limits, but without charging interest. They are a popular choice for individuals who follow Islamic finance principles and wish to engage in credit transactions without violating their religious beliefs.

Compare interest rates, cashback offers, travel perks, and reward programs to find the best fit on FinCoachBD.

Step 2: Check Eligibility Criteria

Each bank has its own eligibility requirements for credit card applicants. You may learn how to get a credit card in Bangladesh better if you know common criteria well such as:

·       Minimum Age: The minimum age requirement for applying for a credit card in Bangladesh typically ranges between 18 and 21 years old, depending on the bank's policy. Applicants must be of legal age to enter into a binding financial contract. For younger applicants, banks may require additional documents or a co-signer (such as a parent or guardian) to approve the application. Those under 21 might also be required to demonstrate stable financial standing or a steady source of income to be eligible for a credit card.

·       Employment Status: Banks generally accept a variety of employment types when considering credit card applications. This includes:

Salaried Employees: Individuals working for a company or organization, whether full-time or part-time, are eligible to apply for a credit card. They will usually need to provide proof of income, such as a salary certificate or pay slips, to confirm their ability to repay the credit card debt.

Self-Employed Individuals: People who run their own business or work as freelancers are also eligible for credit cards. Banks may request additional documentation, such as business registration papers or income tax returns, to assess the applicant's financial stability.

Business Owners: Entrepreneurs who own or operate a business are eligible for credit cards designed specifically for business purposes. These cards help in managing business-related expenses separately from personal finances, and may require proof of business operation, tax filings, and bank statements to assess the applicant’s financial health.

·       Minimum Income Requirement: Different credit card types have varying income thresholds that applicants must meet to qualify. For instance:

Basic Credit Cards: These may require a lower income threshold, as they are meant for first-time users with limited credit needs. For example, the income requirement might be as low as BDT 15,000 to 25,000 per month.

Premium Cards (Gold/Platinum): These cards typically require a higher income level due to their higher credit limits and exclusive perks. Applicants may need to show a monthly income of BDT 50,000 or more, depending on the card’s benefits and the bank's policies.

The specific income requirement varies by bank and the applicant’s type of employment (salaried vs. self-employed), so it’s important to check the specific criteria set by each financial institution.

·       Credit History: Your credit history plays a significant role in determining whether your application is approved. A good credit score indicates to the bank that you are responsible with your financial obligations and are likely to repay the credit card balance on time. Key aspects of credit history that banks consider include:

Past Loan Repayments: How well you’ve managed previous loans or credit, such as personal loans or previous credit cards.

Credit Utilization: The ratio of your total available credit to the credit you're using. A lower utilization rate indicates that you're not over-relying on credit.

Outstanding Debts: If you have a lot of debt or missed payments, your chances of approval decrease. Banks prefer applicants with a clean payment history and a solid credit track record.

Step 3: Gather Required Documents

To apply for a credit card, you need to submit the following documents:

·       National ID Card (NID)

·       Salary Certificate or Business Proof (for self-employed applicants)

·       Recent Bank Statements (typically last three to six months)

·       Tax Identification Number (TIN) (in some cases)

·       Passport-size Photographs

Step 4: Submit Your Application

You can apply for a credit card through the following channels on how to get a credit card in Bangladesh:

·       Online Application: Most banks allow you to apply through their website. Besides, you can visit FinCoachBD’s website or mobile application to check your credit card eligibility, compare different products from banks and financial institutions, and apply online for your desired loan.

·       Branch Visit: Submit your documents at the nearest bank branch.

·       Through a Bank Representative: Some banks offer doorstep services for credit card applications.

Step 5: Verification and Approval

Once you apply, the bank will verify your income, credit history, and other details. The verification process typically involves:

·       A phone call or in-person verification by a bank representative.

·       A background check on your financial history.

·       Approval or rejection based on your creditworthiness.

Step 6: Receive and Activate Your Credit Card

If your application is approved, the bank will issue your credit card within 7-15 working days. Upon receiving it:

·       Sign the Back of the Card: For security purposes.

·       Activate the Card: Call the bank’s helpline or activate it via mobile banking.

·       Set Up a PIN: Choose a secure PIN for transactions.

Important Factors to Consider Before Getting a Credit Card

·       Annual Fees and Charges: Some banks charge annual maintenance fees, while others offer free cards based on spending limits.

·       Interest Rates: If you don’t pay the full bill, high interest applies to the remaining balance.

·       Credit Limit: Choose a limit that matches your income to avoid overspending.

·       Repayment Options: Opt for a card with flexible payment plans, including EMI options.

·       Late Payment Fees: Failing to pay on time results in extra charges and impacts your credit score.

Popular Banks Offering Credit Cards in Bangladesh

Some of the leading banks providing credit card services include:

·       City Bank (American Express & Visa)

·       BRAC Bank (Exclusive cashback offers)

·       Standard Chartered Bank (Premium benefits)

·       Dutch-Bangla Bank (Integrated digital banking services)

·       HSBC Bangladesh (Global travel perks)

Tips for Responsible Credit Card Usage

·       Pay Your Bills on Time: Avoid interest and late payment charges.

·       Spend Within Your Limit: Do not exceed your credit capacity.

·       Track Transactions Regularly: Check statements for unauthorized activities.

·       Avoid Cash Withdrawals: These attract high fees and interest.

·       Use Reward Programs Wisely: Maximize cashback and discounts.

Getting a credit card in Bangladesh is a simple process if you meet the eligibility criteria and choose the right card for your needs. By understanding fees, interest rates, and repayment options, you can enjoy the benefits of a credit card while maintaining financial stability. Whether you're a first-time applicant or looking to upgrade, responsible credit card usage ensures a smooth financial experience.

For step-by-step guidelines on how to get a credit card in Bangladesh through FinCoachBD, please watch the tutorial here.

Also, to know how to get a credit card in Bangladesh, please go through the following article: [Link]